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7) The OWNER shall have a right to draw upon the securities in the event of default by the CONTRACTOR. <br /> Upon seven days' written notice to the ESCROW AGENT from the OWNER of the default,the ESCROW <br /> AGENT shall immediately convert the securities to cash and shall distribute the cash as instructed by the <br /> OWNER. <br /> 8) Upon receipt of written notification from the OWNER certifying that the Contract is final and complete, <br /> and that the CONTRACTOR has complied with all requirements and procedures applicable to the <br /> Contract, ESCROW AGENT shall release to CONTRACTOR all securities and interest on deposit less <br /> escrow fees and charges of the Escrow Account. The escrow shall be closed immediately upon <br /> disbursement of all moneys and securities on deposit and payments of fees and charges. <br /> 9) ESCROW AGENT shall rely on the written notifications from the OWNER and the CONTRACTOR <br /> pursuant to Sections (5) to (8), inclusive, of this Agreement and the OWNER and CONTRACTOR shall <br /> hold ESCROW AGENT harmless from ESCROW AGENT's release and disbursement of the securities <br /> and interest as set forth above. <br /> 10)The names of the persons who are authorized to give written notice or to receive written notice on behalf <br /> of the.OWNER and on behalf of CONTRACTOR in connection with the foregoing, and exemplars of <br /> their respective signatures are as follows: <br /> On behalf of OWNER: On behalf of CONTRACTOR: <br /> Chief Financial Officer <br /> Title Title <br /> Jae Won <br /> Name Name <br /> Signature Sig ature <br /> Address: Address: <br /> 135 S. State College Blvd., #400 <br /> Brea, CA 92821 <br /> On behalf of ESCROW AGENT: <br /> Vice President I Relationship Manager <br /> Title <br /> Ismael Diaz <br /> Name z, <br /> Si nature <br /> 633 W. 5th Street, 24th Floor <br /> Los Angeles, CA 90071 <br /> Page 2 of 3 <br /> I0340704-Santa Ana,Bristol Street Water lmprovement.docx <br />